In 2013, the jewelry sales in the Asian giant reached USD76.6 billion, representing 41.2 % of the global consumption.
China is the second largest jewelry consumer in the world.
Due to the quickly development of China’s economy, jewelry sector it is rapidly growing consumer market. In 2012 jewelry sales increased up to 16.0% compared from the past year, while in 2013, annual jewelry sales showed an increase of 25.8%.
Over the last years, Chinese consumers are becoming more willing to buy jewelry and they are interested in Western design and materials. Nowadays, Chinese shoppers are synonymous with high-end items such as jewelry.
The main jewelry brands in China are Cartier, Bulgari, Tiffany and also Chow Tai Fok, TSL Jewelrry and Lao Feng Xiang.
As far as material is concerned, Chinese consumers are more interested to purchase jewelry made it with gold, platinum or diamonds. Actually, the consumption of diamond is increasing at an annual rate of 15% in China
In the Asian giant, the gold jewelry consumption represents for 50% of the total jewelry consumption. In 2013, the gold’s price fell down in China and majority of Chinese consumers invested their money on gold jewelry. This event shot up the gold sales in China, representing an increase of 42.5% to 717 tons in 2013.
Chinese jewelry shoppers are seeking exclusive pieces in order to express themselves and be different. They see these products as a way to enhance their personality. In addition, many Chinese consumers buy jewelry from prestigious brands in order to show their money and their social status.
Due to this encouraging prospect, China has become in a very attractive market for European jewelry brands. At this moment, many Western brands have decided to expand their business to the Asian giant in order to increase their revenue.
For instance, Carrera y Carrera, a Spanish brand has spread its business to China. In 2013, the brand opened its first store in the country and due to its success the brand is planning to open more stores across China.
The brand’s CEO, Svetlana Kuprianova said that Chinese consumers have appetite for pure gold and precious stones due to their value. However, Chinese jewelry shoppers consider more aspects during their purchases such as the brand value, product design, its meaning and personal feelings.
Mainly, Carrera y Carrera collections are inspired by the animal kingdom. The brand design designs elephants, crocodiles, cats, serpents, tiger, eagers, giraffes and many other animals. A collection called “fire-dragon” was the reason of this Spanish jeweler. This collection was inspired from Asia mythology including rings and necklaces that continue being popular in Asia.
As Carrera y Carrera did, European jewelers have to adapt their designs to Chinese shoppers and use the materials that they are more willing to buy in order to attract them and have success in China.
Western jewelers have a huge business opportunity in China, but it is very important to reach to these profitable consumers and the most effective way is via digital marketing strategies.
If you are interest to boost your business in China, don’t hesitate to contact us. We will develop a digital marketing strategy according to your need which will help you to increase your sales in the Asian giant.
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